The price of the bitcoin rose to an intraday high of $69,000 Wednesday, reflecting a 4.6% gain following the release of CPI data.
It will impose a 10 percent penalty tax fee on sellers and redistribute five percent of this tax to other people who already own the cryptocurrency.
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Crypto prices have been on a tear for the past several months, but the past week has been the clearest sign of a correction to climbing prices, though many see news of President Biden’s adjustment to the hikes on the capital gains tax as the most apparent reason for the market’s slide as investors cash out hoping their gains won’t be reached by a retroactive application of the rules.
This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. Binance US names Ant exec Shroder president 10 September 2021 The US arm of Binance has appointed former Ant Group and Uber executive Brian Shroder president, replacing Brian Brooks who quit suddenly in August after just four months in the job.
You should also look out for an email from Robinhood as the company is reaching out to people affected.
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Cryptocurrency prices can move in spectacular fashion, and there are a variety of triggers for such volatility. Here are a few of them:
And cryptocurrency exchanges are somewhat vulnerable to hacking, representing the most common venue for digital currency theft by hackers and cybercriminals like those responsible for taking down Mt. Gox.
Expect continued conversations about cryptocurrency regulation. Lawmakers in Washington D.C. and across the world are trying to figure out how to establish laws and guidelines to make cryptocurrency safer for investors and less appealing to cybercriminals.
That’s the same crowd that has pumped up the prices this year for other crypto like Shiba Inu and Dogecoin.
Bitcoin price hits new record high - why is Bitcoin up today? Cryptocurrency prices of Bitcoin, ETH and Shiba Inu (Image credit: Getty Images/Canva Pro)
Ahead of the SafeMoon wallet release, its eponymous native token’s price was on a steady upward crawl. Beginning the week at $0.00000184, it made its way up to $0.00000365 by August 28. However, this proved a brief moment in the sun for SAFEMOON as two hours after the wallet’s intended release, the price crashed back down to $0.00000292. From this figure, the token’s value has continued to tumble. At time of press, SAFEMOON was down 22.2%, with a value at that time of $0.00000281.
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NextAdvisor Investing Cryptocurrency Bitcoin Hit Another New All-Time High Wednesday. Why Crypto Investors Should Ignore the Ups and Downs Advertiser Disclosure Bitcoin Hit Another New All-Time High Wednesday. Why Crypto Investors Should Ignore the Ups and Downs Bitcoin set a new all-time high recently. For crypto investors, experts say it’s just more volatility to tune out.
But before you look further make sure you’re aware of the risks when it comes to cryptocurrencies in general.
If you’re investing in cryptocurrency, expect volatility to continue. That’s why experts recommend keeping your crypto investments to less than 5% of your total portfolio.
What is SafeMoon? The new cryptocurrency and how it compares to DogeCoin and Bitcoin